HAPAG-Lloyd’s profits soared last year, according to its preliminary and unaudited figures for the 2022 financial year.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was US$20.5 billion. Its earnings before interest and taxes (EBIT) rose to US$18.5 billion, which Hapag-Lloyd said could primarily be attributed to higher freight rates.

“At the same time, disruptions in global supply chains and inflation have led to a significant increase in costs,” the company said in a statement.

Hapag-Lloyd’s revenues rose to US$36.4 billion, primarily owing to an increase in the average freight rate, to US$2863 per TEU (2021: US$2003).

“However, already by the end of the year, the freight rate had significantly come back down as congestion eased and demand declined,” the company said.

“Transport volumes for full-year 2022 were roughly on a par with the prior-year level, at 11.8 million TEU (2021: 11.9 million TEU).”

Hapag-Lloyd’s 2022 Annual Report with audited financial figures and an outlook for the current financial year is due out on 2 March.

Hapag-Lloyd is the fifth-largest ocean carrier by cargo capacity, according to the latest data from analyst Alphaliner. The company’s 248 vessels have a total capacity of 1.8 million TEU, or 6.8% of the world total capacity.